Following underwhelming earnings updates from Oracle and Broadcom, investors rotated out of AI-linked high-flyers, shifting the core thesis from “growth at any cost” to “prove the returns.” Oracle missed revenue estimates and increased capital expenditures by $15 billion, sparking fears of outpaced AI infrastructure spending. Despite beating earnings, Broadcom’s stock fell as CFO Kirsten Spears warned of potential gross margin pressure from system-level AI sales. Coherent’s volatile stock dropped after major investor Bain Capital offered a significant block of shares at a potential discount, signaling decreased confidence. Coherent is up 77% YTD but still trading below its 52-week high.

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